NYS reminds veterans to take advantage of tax exemption benefits
NEW YORK – In the wake of Veteran's Day last Friday, Nov. 11, the New York State Department of Taxation and Finance has issued a reminder to veterans to take advantage of valuable year-round tax exemptions and credits available to them, their families, and employers.
Among the exemptions available to veterans are property tax burden reductions, including a 15 percent reduction for wartime veterans, and as much as 25 percent if the veteran served in a combat zone. Many local governments also offer veterans of the Cold War an exemption of up to 15 percent for people who served between 1945 and 1991. Each of these categories of exemption include an additional reduction of 50 percent if the veteran was disabled as a result of his or her military service.
As a result of the many different types and amounts of exemptions offered and application deadlines, veterans should contact their local assessor's office for more details on how to take advantage of these tax benefits.
Employers can also benefit by hiring veterans as there are two state credits available to businesses who do so. The 'hire a veteran credit' can be claimed by either corporations who are subject to franchise tax, or individuals, estates, and trusts who are taxed under personal income tax laws. Employers that have hired veterans who began working between January 1, 2014, and January 1, 2016, may qualify for this state business tax credit worth as much as $15,000 per veteran in the event that they have worked for at least 35 hours a week for one year.
Business owners may claim the credit in the tax year in which the qualified veteran completes one year of employment. The credit may be claimed for tax years beginning on or after January 1, 2015, but before January 1, 2017. The amount of credit is equal to 15 percent of the total wages paid to a disabled veteran during their first full year of employment or $15,000. For non-disabled veterans, the credit is equal to 10 percent of the total wages up to $5,000.
To claim the credit, employers must have the veteran certify that he or she qualifies as an eligible veteran on a DTF-75 form.
Among the exemptions available to veterans are property tax burden reductions, including a 15 percent reduction for wartime veterans, and as much as 25 percent if the veteran served in a combat zone. Many local governments also offer veterans of the Cold War an exemption of up to 15 percent for people who served between 1945 and 1991. Each of these categories of exemption include an additional reduction of 50 percent if the veteran was disabled as a result of his or her military service.
As a result of the many different types and amounts of exemptions offered and application deadlines, veterans should contact their local assessor's office for more details on how to take advantage of these tax benefits.
Employers can also benefit by hiring veterans as there are two state credits available to businesses who do so. The 'hire a veteran credit' can be claimed by either corporations who are subject to franchise tax, or individuals, estates, and trusts who are taxed under personal income tax laws. Employers that have hired veterans who began working between January 1, 2014, and January 1, 2016, may qualify for this state business tax credit worth as much as $15,000 per veteran in the event that they have worked for at least 35 hours a week for one year.
Business owners may claim the credit in the tax year in which the qualified veteran completes one year of employment. The credit may be claimed for tax years beginning on or after January 1, 2015, but before January 1, 2017. The amount of credit is equal to 15 percent of the total wages paid to a disabled veteran during their first full year of employment or $15,000. For non-disabled veterans, the credit is equal to 10 percent of the total wages up to $5,000.
To claim the credit, employers must have the veteran certify that he or she qualifies as an eligible veteran on a DTF-75 form.
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